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they go to washington, it is not a philanthropic act on the pentagon's part to instruct boeing to build. it is pragmatic. the united states federal government -- unless europe is dollarized, unless they do not have dollars to spend purchasing the net exports of those who have surpluses, then they will stop having surplus. this is the surplus recycling mechanism. thus, we have the 20 years of the golden age. the 1950's and the 1960's. a period of immense stability very low inflation. universal growth. we had other problems. the lease from the macroeconomic point of view, it was a golden age. why did it end? because the global surplus of recycling mechanism could no longer be sustained. why? because the united states stopped having a surplus by the end of the 1960's. how can you recycle surplus if you cannot have it. enter a young turk in 1971. well, paul volcker -- that name may ring a bell. in 1971, paul volcker was an unknown working for another american. henry kissinger, who you may have heard of. before he became secretary of state. he was still national security advisor. volcker's p
is a couple mission of the pentagon to it that was a andual i'll live to milan in administration. but it does not interest otters up continually there. this skepticism for the vietnam war and watergate which is mostly the washington post dory increased. the press became adversarial and maybe it will we have to have men ever serial left at have one cnn which is kind of trying to be the new york times and people are talking abut that people are not adversarial news. the stock above the neck down is it to section the newspaper. i notice the public editor who has probably talk to the look less people less times that i have have said, the day's paper is the granddaddy best friend of nuclear plant. the individual was get a little bit squeamish. some of you think i should say where are my sources. the book was a great deal of reading, i also was a very temperance and times of generous and giving me access. as one person or any view and expect to be. 1999-201. . all of the executive editress. by the time we were involved in this process a tentative before -- 1834 was a secondary investing. >> it does
Search Results 0 to 3 of about 4 (some duplicates have been removed)